An appeal against a multimillion dollar tax bill owed by multinational oil giant Chevron is taking place, and will have global implications for the way tax paid by large companies is assessed. Chevron recently lost a landmark profit-shifting case in the Federal Court that left it with a tax bill of about $300 million.

Oil and gas companies could lose some of their generous tax deductions following a review of the Petroleum Resource Rent Tax (PRRT). Amid concerns that revenue from the PRRT has flatlined at just over $800 million a year — less than half its peak of more than $2 billion in 2000-01 — there is new focus on the tax treatment of project costs.

The Turnbull government has acknowledged for the first time that Australia is failing to secure a fair share of revenue from oil and gas companies, with Treasurer Scott Morrison calling a review into the tax scheme governing offshore projects. In a stunning admission, Mr Morrison conceded on Wednesday: "We think it is a problem."

Tax avoidance by multinational oil and gas companies - and the rigour with which the federal government ensures they pay a fair share for the offshore riches they exploit - will be put under the spotlight of a Parliamentary inquiry.

Richmond progressive leaders held a press conference on Thursday to discuss the findings of a damning report, titled “The Chevron Way: Polluting California and Degrading Democracy,” that concludes Chevron “systematically sought to control public opinion in Richmond” through donating millions to local elections.

A contentious tax dispute between Australia and Chevron Corp. could cost the company billions of dollars and open a new front in global efforts to crack down on the aggressive tax strategies used by many multinational corporations, writes Bradley Olson and Robb Stewart in the Wall Street Journal.

The Australian Taxation Office has launched a sweeping crackdown on multinational oil and gas companies, accusing them of artificially pumping up billions of dollars in interest payments sent offshore to reduce tax bills here.

While the budget is expected to include changes to the Petroleum Resources Rent Tax designed to deliver billions more in revenue, Senator Cormann is fighting to protect the tax-to-GDP ratio from blowing out.

Tax justice advocates have intensified their lobbying efforts with key Senate cross-benchers before the release of recommendations overhauling the petroleum resource rent tax (PRRT) to boost revenue collections for the government.

The PRRT was designed to capture 40% of the profits companies earn from selling our oil and gas, yet in 2013-14, it earned just 5% of the $29.5bn oil and gas companies earned from those resources because of the overly generous tax credits. And the tax take is falling.

It's been described as the most significant tax case ever litigated in Australia. The Australian Tax Office is pursuing Chevron over a $US2.5 billion ($3.7 billion) inter-company loan. Immediately at stake is roughly $340 million in taxes, penalties and interest on the 2003 loan. But that's not the half of it.

The international tax community is anxiously awaiting the result of Chevron's appeal to the full bench of the Federal Court. At stake is more than a $280 million bill covering additional tax, penalties and interest claimed by the Australian Taxation Office for the years between 2004 and 2008.

An international expert says the exploration incentives that Australia offers to oil and gas companies are "excessive", as analysis by Citi shows a 10 per cent royalty would generate $3.96 billion over the next five years.

The federal government could gain revenue of US$4.8bn ($6.4 bn) from Chevron’s Gorgon gas project between now and 2030 if it made offshore gas projects subject to a royalties regime, according to research from a Monash University academic.

The federal government is holding out against an industry push to stop a tax hike on the $200 billion oil and gas sector in a furious dispute before the May budget, as Scott Morrison insists on waiting for a full review before ruling on the idea.

Australians could shiver through cold winters under an east coast gas shortage, regulators have warned, while the government waits on a review that could spark a mining-tax style war with the gas industry ahead of the May federal budget.

The Morning Show's Gareth Parker says a new fight is brewing over whether multinational resource companies are paying their fair share for our resources. Gareth spoke to Australian Petroleum Production and Exploration Association, Chief Executive Malcolm Roberts and Jason Ward from the Tax Justice Network.

An appeal against a multimillion dollar tax bill owed by multinational oil giant Chevron is taking place, and will have global implications for the way tax paid by large companies is assessed. Chevron recently lost a landmark profit-shifting case in the Federal Court that left it with a tax bill of about $300 million.

Australian taxpayers will be forced to subsidise the clean-up costs of oil spills in the Great Australian Bight thanks to the terms of the controversial petroleum resource rent tax. Treasury officials have confirmed that oil companies would be able to claim a tax deduction under the PRRT for expenses incurred cleaning up oil spills.

Oil and gas companies could lose some of their generous tax deductions following a review of the Petroleum Resource Rent Tax (PRRT). Amid concerns that revenue from the PRRT has flatlined at just over $800 million a year — less than half its peak of more than $2 billion in 2000-01 — there is new focus on the tax treatment of project costs.

Speculation is rife in Canberra that the federal government might contemplate some form of federal royalty regime [on LNG], or other changes to resources taxation, as the need to fill a yawning hole in the budget intensifies.